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U.S. Steel Wire Market Size, Share & COVID-19 Impact Analysis, By Grade (Carbon Steel, Stainless Steel, and Alloy Steel), By End-use Industry (Automotive, Construction, Energy, Agriculture, and Others), and Country Forecast, 2023-2030

Last Updated: June 24, 2024 | Format: PDF | Report ID: FBI109092



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The U.S. steel wire market size was worth USD 4.78 billion in 2022 and is projected to grow at a CAGR of 4.9% during the forecast period.

The market growth is attributed to the rising demand from the construction sector. Growing construction and infrastructural activities in the U.S. are boosting the demand for steel products, including steel wire. Industries, such as construction, automotive, and general manufacturing, were severely impacted during the pandemic due to various factors, including raw material shortages, supply chain disruptions, labor shortages, and strict government regulations. However, post-pandemic, companies in the market have ramped up steel wire production to meet the growing product demand.

U.S. Steel Wire Market Trends

Increasing Adoption of Stainless Steel Wire in Medical Sector is a Recent Trend

Stainless steel wires are progressively used in medical applications due to exceptional properties, such as durability, corrosion resistance, and mechanical properties. The main areas of applications are primarily the medical devices used in diagnosis and study, innovative surgical techniques such as laparoscopy, and the conventional areas of grafts, as well as surgical diverse parts. The stainless steel wire can be in various presentations, including round, flat, or shaped wire and forms, such as mesh, straightened cut lengths, braided cables, and others. Continuous developments in medicine permit minimally invasive interference through arteries and veins. These wires are found in intra-arteria stents, guide wires, angioplasty catheters, diagnostic catheters, and aneurysm clips. Thus, stainless steel wire is an essential item in the gradually diversified and fast-growing medical sector in implants, surgery, and sophisticated devices.

U.S. Steel Wire Market Growth Factors

Growing Adoption of EVs to Fuel Market Expansion

The transportation system is the major source of climate-changing greenhouse gas emissions in the U.S., making it critically important to accelerate the adoption of Electric Vehicles (EVs). Growing adoption of EVs owing to the increasing awareness consumers is driving the U.S. market. The demand for EVs could bring in a volume increase for companies operating in cables and wires.

According to the Center for Sustainable Energy (CSE), battery electric vehicles make up 6.7% of light-duty vehicles sold in the U.S. When you add hybrid and plug-in hybrid vehicles to this number, EVs comprise a total of 16% of light-duty vehicles sold.


Adoption of Plastic Ropes to Hinder Steel Wire Market Growth

Plastic ropes are being utilized in various industries, including the defense industry, marine industry, petroleum industry, port and dockyards, electricity boards, railways and agriculture, and transport industry. Different types of plastic ropes, such as Polypropylene (PP), Nylon, Polyethylene Terephthalate (PET), High Modulus Polyethylene (HMPE), and specialty fibers find an extensive range of applications of plastic rope, and this is expected to hinder the market growth for steel wire ropes.  For instance, PP ropes are usually used for cargo securing and transportation and are also used for lifting heavy loads on construction sites.

Moreover, plastic ropes are used for numerous agricultural applications, such as securing loads, fencing, and trellising. As agriculture becomes more automated and proficient, the demand for durable ropes in these applications is expected to grow. PP ropes are also used in the formation of agricultural netting for crop support, safety, and harvesting.

U.S. Steel Wire Market Segmentation Analysis

By Grade Analysis

Based on the grade, the market is divided into carbon steel, stainless steel, and alloy steel.

The carbon steel segment accounted for the largest U.S. steel wire market share in 2022 and is projected to continue its dominance over the projected period. Due to exceptional properties, such as hardness, high wear resistance, strength, and durability, carbon steel is readily used in cutting tools, springs, high-strength wires, and dies. This is expected to drive segment growth during the forecast period.

The stainless steel segment is expected to experience the highest growth over the forecast period. Stainless steel wires manufacture metallic nets, cable wires, screws, springs, and others. They are also used in medical springs, automobiles, welding electrodes, and household applications.

By End-use Industry Analysis

Based on end-use industry, the market is segmented into automotive, construction, energy, agriculture, and others.

The construction segment held the largest share in 2022 and is predicted to be the fastest growing segment over the forecast timeframe. Growing usage of steel and other metals for manufacturing various construction equipment and infrastructure development is influencing growth. Increasing usage of steel wires for applications, including tramway construction, marine construction, elevators, and electrical constructions, is likely to foster segment growth. For instance, according to Inland Rivers, Ports, and Terminals, Inc. (IRPT), there has been a significant number of port restoration and construction activities in various states across the U.S. in 2022.

The automotive segment is expected to grow with a significant CAGR by 2030. This growth is attributed to the increasing demand for steel wires from the automotive sector in applications such as exhaust lines, wire braids, automobile fasteners, and steel cables. These products are further used to fasten multiple automotive components, including bolts, rivets, nuts, washers, and others.

List of Key Companies in U.S. Steel Wire Market

Key players in the U.S. steel wire market include Heico Companies’ Metal Processing Group, Optimus Steel, WireCo WorldGroup Inc., Insteel, and others in terms of the competitive landscape. Companies compete on the basis of product prices and application characteristics. They focus on product innovation, social marketing, acquisitions, and collaborations.



  • June 2023: Optimus Steel, the Electric-Arc-Furnace (EAF) steel producer, accomplished the first phase of melt shop upgrades. This will boost the production of wire rods, coiled and straight rebar of the company. The company will have a mill capacity of 800,000 tons for wire rods and another mill of 800,000 tons for rebar.

  • March 2020: Insteel Industries, Inc. invested USD 22.5 million to acquire the assets of strand-tech manufacturing, which produces prestressed concrete strands, particularly for concrete construction applications.


An Infographic Representation of U.S. Steel Wire Market

To get information on various segments, share your queries with us

The market research report examines key factors such as companies, products, and applications. It also covers market trends and highlights noteworthy industry advancements. The study provides different variables that have contributed to the market growth in recent years. It includes the industry's historical data, the latest market dynamics, opportunities, and revenue growth estimates.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 4.9% from 2023 to 2030


Value (USD Billion) Volume (Kiloton)


By Grade

  • Carbon Steel

  • Stainless Steel

  • Alloy Steel

By End-use Industry

  • Automotive

  • Construction

  • Energy

  • Agriculture

  • Others

Frequently Asked Questions

Fortune Business Insights says the market was worth USD 4.78 billion in 2022.

The market is expected to exhibit a CAGR of 4.9% during the forecast period (2023-2030).

By grade, the carbon steel segment accounted for a substantial share of the market.

Consolidated Industries, Pacific Forge Incorporated, Weber Metals California, and Wyman Gordon are the top players in the market.

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